Riverbed Company sells one product. Presented below is information for January for Riverbed Company.

Jan. 1 Inventory 111 units at $5 each 4 Sale 90 units at $8 each 11 Purchase 159 units at $6 each 13 Sale 130 units at $9 each 20 Purchase 149 units at $7 each 27 Sale 85 units at $11 each

Riverbed uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Riverbed uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 114 units. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date Account Titles and Explanation Debit Credit Entry field with correct answer Entry field with correct answer Accounts Receivable Entry field with correct answer 720 Entry field with correct answer Entry field with correct answer Sales Revenue Entry field with correct answer Entry field with correct answer 720 Entry field with correct answer Entry field with correct answer Purchases Entry field with correct answer 954 Entry field with correct answer Entry field with correct answer Accounts Payable Entry field with correct answer Entry field with correct answer 954 Entry field with correct answer Entry field with correct answer Accounts Receivable Entry field with correct answer 1170 Entry field with correct answer Entry field with correct answer Sales Revenue Entry field with correct answer Entry field with correct answer 1170 Entry field with correct answer Entry field with correct answer Purchases Entry field with correct answer 1043 Entry field with correct answer Entry field with correct answer Accounts Payable Entry field with correct answer Entry field with correct answer 1043 Entry field with correct answer Entry field with correct answer Accounts Receivable Entry field with correct answer 935 Entry field with correct answer Entry field with correct answer Sales Revenue Entry field with correct answer Entry field with correct answer 935 Jan. 31 Entry field with correct answer Inventory Entry field with correct answer 798 Entry field with correct answer Entry field with correct answer Cost of Goods Sold Entry field with correct answer 1754 Entry field with correct answer Entry field with correct answer Purchases Entry field with correct answer Entry field with correct answer 1997 Entry field with correct answer Inventory Entry field with correct answer Entry field with correct answer 555

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Incorrect answer. Your answer is incorrect. Try again. Compute gross profit using the periodic system.

Gross profit $Entry field with incorrect answer 1031

Partially correct answer. Your answer is partially correct. Try again. Assume Riverbed uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date Account Titles and Explanation Debit Credit Entry field with correct answer Entry field with correct answer Accounts Receivable Entry field with correct answer 720 Entry field with correct answer Entry field with correct answer Sales Revenue Entry field with correct answer Entry field with correct answer 720 (To record the sale) Entry field with correct answer Cost of Goods Sold Entry field with incorrect answer 360 Entry field with correct answer Entry field with correct answer Inventory Entry field with correct answer Entry field with incorrect answer 360 (To record the cost of inventory) Entry field with correct answer Entry field with correct answer Inventory Entry field with correct answer 954 Entry field with correct answer Entry field with correct answer Accounts Payable Entry field with correct answer Entry field with correct answer 954 Entry field with correct answer Entry field with correct answer Accounts Receivable Entry field with correct answer 1170 Entry field with correct answer Entry field with correct answer Sales Revenue Entry field with correct answer Entry field with correct answer 1170 (To record the sale) Entry field with correct answer Cost of Goods Sold Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Inventory Entry field with correct answer Entry field with incorrect answer (To record the cost of inventory) Entry field with correct answer Entry field with correct answer Inventory Entry field with correct answer 1043 Entry field with correct answer Entry field with correct answer Accounts Payable Entry field with correct answer Entry field with correct answer 1043 Entry field with correct answer Entry field with correct answer Accounts Receivable Entry field with correct answer 935 Entry field with correct answer Entry field with correct answer Sales Revenue Entry field with correct answer Entry field with correct answer 935 (To record the sale) Entry field with correct answer Cost of Goods Sold Entry field with incorrect answer 805 Entry field with correct answer Entry field with correct answer Inventory Entry field with correct answer Entry field with incorrect answer 805 (To record the cost of inventory)

Incorrect answer. Your answer is incorrect. Try again. Compute gross profit using the perpetual system.

Gross profit $Entry field with incorrect answer